Lola will make their come-back to Formula One next season. This was announced after the company had secured a four year sponsorship deal with the creditcard company Mastercard. They have already announced earlier that they would start developing their own engine to use in their F1 cars.

Lola last performed in Formula One in 1993, and has clinched five titles in the Indycar championship. However Reynard proved to be the better chassis this year.

Lola's Anne Hale said the team structure and driver line-up would be made public 'as soon as possible.'
It is speculated that Lola will use the Ford V8 next year.

The Ferrari team have confirmed that Michael Schumacher will stay with the team until the end of 1999. Schumacher's and Eddie Irvine's current contract ends at the end of 1997. The team also have an option on Irvine for the 1998 season.

Ferrari president Luca di Montezemola commented: "The agreement with Michael Schumacher is a very important step for Ferrari, but he has been retained principally to ensure the stability and continuity, step by step of our continued progress. This is being achieved not only through methodical and planned work but also with true enthusiasm. Michael is not just the best driver in the world. He is also a man who knows how to work with the team and for the team. I am sure that in the next three years, together we will reap the rewards of this great common effort and give those who support us, shareholders, sponsors and fans, the satisfaction they deserve."

Some teams were testing for the 1997 season on the Estoril (Portugal) track today. Jean Alesi was fastest with a 1m 21.40s just in front of his team-mate Gerhard Berger with a 1m 21.44s. Eddie Irvine was third in the Ferrari with a 1m 21.88s.